The cryptocurrency market is seeing a burst of activity as we head into the winter season. Specifically, Cardano (ADA) has recently seen a drop in price as other major players like Polygon (MATIC) and Meme Moguls (MGLS) set their sights on a winter rally. Let’s examine these developments further.
Cardano (ADA) Price Fails to Sustain Momentum
Cardano (ADA) is among the largest, most respected smart contract platforms. However, it has had a challenging ride in terms of price performance. In fact, Cardano is trading 88% down from its all-time high of $3.10 set in 2021.
This high was achieved in the lead-up to Cardano gaining smart contract functionality on the native blockchain. Since then, however, the price has slid back as real-world projects using the network have yet to grow significantly.
In recent months, Cardano’s price has been recovering and reached $0.4093 as of November 16, 2021. However, the current price of $0.38 shows that the market is still unsure about buying ADA without a close above the $0.40 resistance level. This is the line in the sand to watch for traders looking to capitalize on price recovery.
Pressure is showing, as Charles Hoskinson, the founder of Cardano, recently sparked controversy with his comments on the Bitcoin ETF. He claimed that Bitcoin lacks decentralization and advocated for Cardano winning an ETF — something not welcomed by all.
Meme Moguls (MGLS): A New Era in Meme Trading
Meme Moguls (MGLS) combines the fun of memes with the financial potential of decentralized finance (DeFi). The result is a play to earn memecoin where users can trade meme stocks to channel their inner mogul and potentially make a profit.
A whole ecosystem has been created to maximize fun and financial gains. This includes a rading competition area and a metaverse experience for users to explore.
A key feature driving ambition within the platform is the Wealth Leaderboard, which measures a user’s success and popularity.
Meme Moguls users can earn passive income by staking their MGLS tokens and participating in liquidity mining. This incentivizes holding and contributes to the overall stability of the platform. The more MGLS tokens a user holds, the more rewards they can earn.
The platform also has a strong community aspect, with regular events and competitions that engage users and promote interaction. This creates a sense of community and fun, making Meme Moguls not just a trading platform but an entertaining and social experience.
MGLS tokens sit at the heart of every feature within the Meme Moguls ecosystem, and it’s now available to buy at $0.0021 during the ongoing presale.
Meme Moguls aims to become the next 100x token, and analysts say they may be onto something. They note that the billion-dollar meme market has yet to be tapped into, and with Meme Moguls’ unique concept and growing popularity, it has the potential to rally this winter.
Polygon (MATIC) Shows Promise for Upcoming Market Surge
Polygon uses zero-knowledge technology to become the most used scaling solution for Ethereum. It is gaining popularity for its ability to provide fast and cheap transactions on the Ethereum blockchain, making it a popular choice for DeFi users.
MATIC tokens are the native currency of Polygon and can be used for staking, gas fees, and as a medium of exchange within the ecosystem. The increasing demand for MATIC has led to its price rising from $0.50 to $0.98 from the end of October to mid-November.
While the price has since dipped to $0.77, the Polygon ecosystem looks more bullish than ever. For example, the Polygon PoS chain has achieved more net inflows than any other blockchain, and the Polygon zkEVM achieved over 100,000 transactions in a single day.
Experts are now predicting that it’s only a matter of time before the price of Polygon surpasses the $1.00 mark and continues its upward trajectory.
For more information about the Meme Moguls (MGLS) presale: Website | Visit presale | Twitter
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